The Ethereum community show increased excitement as the much-anticipated Merge approaches. Scheduled to occur in mid-Sep 2022, it sees multiple misinformation and misconceptions. Thus, the ETH Foundation recently published a post highlighting many misconceptions and clarifying the same.
The blog pointed out the momentous rumor that the Ethereum network will significantly reduce gas fees following the Merge. Crypto.com data shows that gas fees stood at 30 GWEI during this publication.
The organizations stated that switching to proof-of-stake from proof-of-work will not directly alter network capacity or performance. Thus, the Merge will not reduce gas fees.
Moreover, the buzz was that Merge would amplify transaction speed on the ETH network. That also appeared inaccurate as the transfer speed won’t change for the Ethereum platform’s layer1. Nevertheless, a brief reduction remains possible as the PoW aims for a block every 13.3 secs. Slots happen after 12 secs on the beacon.
The ETH Foundation added that PoS would see blocks produced 10% more regularly than PoW. That’s a somewhat insignificant shift and unlikely for users to notice.
The Community’s Enthusiasm
Amid the Merge hype, new info by the ETH Foundation offers the community a much-required clarification. Earlier, this topic remained in the dark. However, the enthusiasm around the Merge upgrade has propelled the alternative token high.
Ethereum gained approximately 89% since July. While publishing this blog, the leading alternative token traded at $1,847, with a $225,449,830,840 market capitalization.
Besides the northbound price actions, data from Sentiments indicated an increase in ETH social dominance over the past month. That confirmed surged interest within the cryptocurrency community in Ethereum.
Ethereum’s future remains lucrative as the Merge upgrade will ensure several advantages to the platforms, including less electricity usage and improved security. Also, the increase in active address with over one BTC to an ATH early this month supported the narrative.
Interestingly, ETH recently flipped BTC on options trading’s open interest, complementing the hype surrounding the Ethereum Merge. The event raised attention in the marketplace as ETH has never outshined Bitcoin in ‘open’ interest. Thus, the community hype plus new info on the Merge plus various developments indicated lucrative days for the future for Ethereum.
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